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Capital make large scale production and greater degree of specialization possible. Thus with capital accumulation the advantages of large scale production and specializations are obtained. The advantage of large scale production and specialization is that they greatly increase output and productivity and there by brig done the cost of production per unit. Without adequate capital accumulation neither the scale of production can be neither increased nor greater specialization and division of labour in the production process is possible. Hence capital accumulation by increasing the scale of production and specialization increases the production and productivity in the economy and thereby promotes economy’s growth.
What is the mathematical definition of price elasticity of demand The price elasticity of demand is the percentage alters in quantity demanded divided by the percentage change
Describe the poverty cycle and suggest how a developing country can break the cycle. The poverty cycle is explained as the trap developing countries can land in; low incomes →
characteristics of microeconomics
The End of the Productivity Slowdown As computers improved and spread throughout the U.S. economy in 1970's and 1980's economists kept waiting to see the wonders of computing
When there is a positive expected rate of inflation (i.e., an expected and sustained increase in the levels of all prices), the Benefit Cost Ratio of a proposed project will take o
about opean market economy
How to graph the market demand on tobacco taxing in california
explain the marginal produtivity theory
Create a Document that displays information about cars. First, create a select with an id="make". It will not have any makes in the options until the page finishing loading. When t
ADVANTAGES AND DIS ADVANTAGES OF MONOPSONY
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